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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
Exclusions - Income item that is excluded from a taxpayer's gross income by INTERNAL REVENUE CODE or an administrative action. Common exclusions comprise gifts, inheritances and de
The concept that money has time value is one of the most fundamental notions of investment analysis. For any type of productive asset its value will based on the future cash flows
assets&what are the different type of asset
explain virement
Q. Which of the following is not true of a corporation? a. It may buy, own, and sell property. b. It may sue and be sued. c. The acts of its owners bind the corporation. d. It may
Do liabilities fall under debtors
The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3
Choice of an appropriate discount rate The difficulty with selecting a discount rate rests on whether the correct rate for the risk/return has been derived. A number of things
provide 5% for doubtful debt what is the journal entry
Q. Explain about Fiduciary? Fiduciary - Person who is responsible for administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate
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